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$A-Mark Precious Metals (AMRK.US)$It is a precious metals tr...

$A-Mark Precious Metals (AMRK.US)$It is a precious metals trade. Revenue fell sharply by 37.1% in 2019 over the past 5 years, then recovered in 2 years. It reached a new high in 2022. The 5-year average growth rate was only 3.1%. Operating profit reversed losses in 2020, and rose sharply to the level of 150 million in the past two years. Net profit shrank 17.3% in 2022 due to falling other revenue, and core profitability did not deteriorate.
In the first three quarters of 2023, revenue increased by 1.6%, operating profit increased by 26.15, and net profit increased by 20.1%.
The balance ratio fell from 90.7% to 66% in 5 years, and fell further to 64.7% in 2023Q3.
Inventories increased from 450 million to 740 million in 2022. Due to the very low gross margin, inventory growth caused a sharp outflow of net cash flow operations, and inventories further increased to 970 million in Q3 2022.
Goodwill and other intangible assets were 165 million yuan, accounting for 29.4% of net assets of 562 million yuan. There were no long-term loans of 617 million. There were no long-term loans. The short-term leverage ratio was not low, and the rapid rate ratio dropped to 0.29.
Currently, the price-earnings ratio is 6.4, and the price-earnings ratio TTM has dropped to 5.7. Considering that inventory growth greatly exceeds net profit, the cash flow and quick change ratio are very poor, so you can choose carefully (⭐️)
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